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Federal Home Loan Bank Announces Recipients of Challenge Fund Grants

Friday, July 27, 2001 - 1:45AM

The Federal Home Loan Bank of Seattle announced that eight projects were selected from a record number of applications to receive a total of $10,000 each in Challenge Fund grants. The revolving fund provides grants to financial institutions to pay for predevelopment expenses associated with affordable housing. The selected projects are located in Idaho, Utah, Hawaii, Montana and Alaska and include 348 units of worker housing, 154 units of low-income and senior housing and 12 units for homeless families. The bank also awarded $6.5 million in Affordable Housing Program grants to 29 projects selected from a record 135 applications received for the AHP's first funding round this year. The 29 projects total 1,066 units and range from a $10,000 grant for a Habitat for Humanity development to an $880,000 grant to help purchase 220 affordable homes for families transitioning from rental to homeownership. Thirteen of the projects serve homeless, nine serve native people, 10 preserve Section 8, LIHTCs or USDA 515 projects and two serve farm workers. For more on the FHLB programs and recipients, click here.

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